Shanxi Jiafu New Materials Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 62,500,000 on June 7, 2022. The transaction will involve participation from existing investor, Do-Fluoride New Materials Co., Ltd. for CNY 45,000,000 and new investors, Jiaozuo Do-Fluoride Industrial Group Co., Ltd. for CNY 5,000,000 and Shanxi Chuangjiafu Investment Partnership (Limited Partnership) for CNY 12,500,000. Post-closing, stake of Do-Fluoride New Materials Co., Ltd. will reduce from 100% stake to 20.69% stake.

The transaction has been approved by the thirty-seventh meeting of the sixth board of directors and the thirty-sixth meeting of the sixth board of supervisors of Do-Fluoride New Materials Co., Ltd.